The Indian banking sector is reportedly cleaned up, and the asset quality-related stress is perceived to be at a multi-year low. Factually, this is correct. However, in practice, if this is indeed the case, college graduates should be rushing towards bank jobs, and those in mid- and senior-management positions should be happy and content.
Since the start of FY26, the industry has witnessed four high-profile deaths in senior management positions. This is not just a private bank issue—one of them, quite surprisingly, involved a state-owned bank. The individuals in question are Chinmay Dhoble, former head of retail liabilities and branch banking at IDFC First Bank; Shivshankar Mitra, a branch manager at Bank of Baroda; Biju John, a senior vice president at AU Small Finance Bank; and Vimal Jain, CFO of AU SFB.
Dhoble's death was sudden and came as a shock in April this year. Jain, aged about 53 years, passed away due to a cardiac arrest on Wednesday this week. According to media reports, Mitra, who passed away in July, committed suicide. In the case of John, who passed away about three weeks ago, while there is no official statement from the bank on his demise, several social media posts suggest that he may have committed suicide after a work meeting.
Accountability Factor
On one side, it’s about time we accept that the level playing field isn’t fair. Employment demands can be harsh, and a 90-hour work week—whether it is the mandated HR policy or not—has become a norm, especially for senior management employees. In short, and to reiterate a known fact, work-life balance is a myth. But that doesn’t justify four deaths in a row that the banking industry has seen so far this year. It’s time for employers, especially those at the top-most part of the pyramid, to have their feet on the ground and reset targets based on what is achievable in reality.
The disconnect between actual performance and expectations is what causes heated boardroom conversations and irreparable friction between the highest level of senior management and the layer just below them. Of course, the highest level is also answerable to several stakeholders such as the board of directors, regulators, and, most importantly, investors. Targets are committed to, promises are made, and the layer below is brought in to execute. Give them any designation you want, but the fact is they have little room to deviate from these targets. If targets are not met, cut down the bonuses, the fancy foreign trips, and the ESOPs. Whatever it is, let it reflect monetarily, but not in harsh language, whether in an open office or behind closed doors.
Cultural Issue
That sets a bad culture. The bad language that flies in a boardroom or on an office floor permeates down to the last layer of employees. For Gen-Z, entering the workforce, they may consider this language "cool." But that flips the moment they start aspiring for their first major promotion, and that’s how a toxic office culture can become a daily stress in their lives.
We can’t change the pressure-cooker world we are living in, regardless of the job one opts for. But can we let the lid open in its due course, allow time for the heat to settle down, and not let the fuse blow? From a work culture and employee longevity standpoint, if leaders in the banking industry open their minds to this suggestion, perhaps another death can be prevented. After all, what’s the use of expensive annual bank-sponsored holidays to Thailand, Bangkok, and Dubai if the senior and mid-management leaders cannot be shown more respect?
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
